Copper sinks to five-week low on US growth fears

(Reuters) - Fresh signs of economic trouble in the United States beat copper down to five-week lows on Monday, but analysts expect strong demand from China to buoy the metal used widely in the construction and power industries.

London-listed miners were down on the back of broader market weakness. Britain's was down 0.2 percent while BHP Billiton, Rio Tinto and Xstrata were down between half a percent and 2.3 percent.


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Delphi reaches tentative deals with four unions

(Reuters) - CHICAGO, Aug 6 - Auto parts maker Delphi Corp. said on Monday it has reached tentative agreement on new contracts with four more unions, key steps in its plan to reorganize and exit bankruptcy.



Delphi said it has signed a memorandum of understanding with the four unions covering work-force transition, pension and other issues. The company said it would not release details on the agreements until union members have voted on them.


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Two-Year Treasury Note Yields Fall to 18-Month Lows as Global Stocks Drop

(Bloomberg) -- Treasuries were little changed, with
two-year note yields near the lowest in 18 months, as European
and Asian stocks dropped.

Two-year note yields declined 2 basis points, or 0.02
percentage point, to 4.4 percent at 8:30 p.m. in New York,
according to bond broker Cantor Fitzgerald LP. The price of 4
5/8 securities due in July 2009 rose 1/32, or 31 cents per
$1,000 face amount, to 100 14/32. Bond yields move in the
opposite direction of prices.


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UPDATE 1-Dexia to address investor concern on subprime

(Reuters) - Analysts have said that Dexia might be exposed through its
U.S. subsidiary Financial Security Assurance Inc .




"Dexia has received over the last days questions on the
issues of U.S. subprime mortgages and CDOs , and on the crisis' impact for FSA itself and for
Dexia as a whole," it said in a statement.


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Stock futures rise, suggest respite before Fed

(Reuters) - The Fed releases its decision on Tuesday and is expected to leave interest rates unchanged at 5.25 percent. Interest rate futures show traders are betting on the central bank delivering at least one rate cut by the end of this year.




By 0927 GMT September S&P futures were up 0.5 percent in Europe but still around their lowest in nearly five months.


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French Stocks Retreat; Axa and Credit Agricole Retreat as Natixis Jumps

(Bloomberg) -- French stocks declined for a
third day in four. Financial companies including Axa SA and
Credit Agricole SA led the retreat.

The benchmark CAC 40 Index dropped 29.47, or 0.5
percent, to 5568.42 as of 12:51 p.m. in Paris. The SBF 120
Index fell 0.5 percent to 4064.15.


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Oil Falls a Second Day on Concern Subprime Debacle Will Reduce U.S. Growth

(Bloomberg) -- Crude oil fell for a second day in
New York on concern the subprime-debt debacle will reduce U.S.
economic growth.

A U.S. slowdown may cut demand for oil, which has fallen 6
percent since reaching a record $78.77 on Aug. 1. Global stock
and metals prices fell today on concern the rout in U.S. debt
markets may erode growth. OPEC oil production rose last month by
the most since September 2004, a Bloomberg News Survey showed.


Read more at Bloomberg Energy News

Orbotech to buy cardiac gamma camera maker; posts Q2 loss

(Reuters) - Excluding certain items, net income for the latest second
quarter was $6 million, or 18 cents per share.





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Singapore's Stocks Decline by Most in Five Months: World's Biggest Mover

(Bloomberg) -- Singapore's stocks declined by the
most in more than five months on concern losses in the U.S.
mortgage market will slow expansion in the nation's largest
export destination.

Oversea-Chinese Banking Corp. posted its biggest fall in
almost six years, leading the decline among banks on concern they
may incur losses on their credit investments because of defaults in U.S.
subprime housing loans.
Creative Technology Ltd. fell to an 11 year-low after reports
showed U.S. employers added fewer jobs in July and growth in the
service industries slowed.


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Fortis wins backing for ABN buy in Brussels

(Reuters) - Fortis is holding the shareholder meetings to secure backing
for its part of a 71 billion euro joint bid for ABN AMRO with
Royal Bank of Scotland and Spain's Santander .




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Credit, growth fears batter stocks, hit dollar

(Reuters) - European shares opened more than 1 percent lower before recovering slightly. Emerging market shares dropped around 1.8 percent and Japanese equities slipped 0.4 percent.




Heightened concerns for economic growth as a result of credit problems also knocked oil prices, which briefly dipped below $74.50, and dragged Shanghai copper futures down 3 percent.


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Dollar hits 15-year low vs basket of currencies

(Reuters) - The dollar fell to a 15-year low against a basket of currencies on Monday, as speculation mounted in financial markets that rising credit market risk and softening U.S. data will force a cut in U.S. interest rates.

The dollar index fell below the psychologically key 80.0 level, while the euro rose to within sight of its record high above $1.3850 struck two weeks ago.


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AES, Suez sue Hungary over electric pricing-report

(Reuters) - AES is seeking 5 billion forints in damages
and Suez 7 billion forints, the paper said.




Officials at AES's plant, Tiszai Eromu and Suez's Dunamenti
Eromu were not immediately available to comment.


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ICI tentatively agrees to sweetened Akzo offer: report

(Reuters) - If all goes well, a formal takeover agreement would be announced by August 9, the deadline set by the UK Takeover Panel, the paper said.




ICI last week rejected an improved 7.8 billion pound , 650 pence-a-share cash takeover proposal by Akzo and refused to open its books for due diligence check, saying the offer undervalued the company. It had also previously rejected a 600 pence-a-share offer from Akzo in June.


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Crude Oil Falls a Second Day on OPEC Output Boost, Concern Demand Abating

(Bloomberg) -- Crude oil fell in New York, heading
for its biggest two-day decline since July 24, after OPEC
increased output and on concern losses in the U.S. mortgage
market will slow economic growth.

Members of the Organization of Petroleum Exporting
Countries, excluding Angola, raised production last month by the
most since September 2004, a Bloomberg News survey showed.
Prices of commodities including copper in Shanghai and platinum
in Tokyo declined, and stocks in Asia fell, extending a global
slump, on speculation waning growth will slow demand.


Read more at Bloomberg Energy News